MacBank's boss locks in a profit

Macquarie Bank managing director Allan Moss has taken advantage of the recent run-up in the investment bank's share price and the traditional post-results trading window by cashing in $2.44 million worth of shares and options.

Mr Moss revealed in a filing to the Australian Stock Exchange that he sold 50,000 options off-market at $15.30 each and 50,000 ordinary shares at $33.41 each.

The long-serving Mr Moss retains shares worth $11 million and options that are in the money to the tune of more than $1 million.

The trades, made last week, came just days after Macquarie reported a 32 per cent rise in interim net profit to $232 million, a result well ahead of market expectations.

Several executives have cashed in options in recent days, exploiting a trading window that allows staff to trade shares following major results releases.

Macquarie's shares fell 7c to $32.75 yesterday, having drifted back from trading above the $35 mark immediately after the release of the interim results on November 13.

The share sales also coincide with the restart of a share buyback Macquarie is undertaking.

The bank has said it expects a higher second half than in 2002-03 but below the first half as usual, due to the timing of performance fees.

Macquarie executives continue to hold around 27.7 million options at various exercise prices.

In the coming year the bank plans to launch several new infrastructure funds, which generate lucrative management and performance fees.